HOUSTON, TX--(Marketwired - August 07, 2015) - Miller Energy Resources, Inc. (OTC PINK: MILL) ("Miller Energy" or the "Company") today announced that it has received notice from the Securities and Exchange Commission (the "Commission") that the Commission has filed a public administrative proceeding against the Company yesterday. While the Company believes the action is not warranted by the facts or the law, current management has taken the allegations seriously and is working with the Company's Board of Directors to effect appropriate actions.
The Company previously announced that it had received a written notice indicating that the staff of the Commission had made a preliminary determination to recommend that a civil action against the Company, together with the Miller Energy's former Chief Financial Officer, Paul W. Boyd, and David M. Hall, the Company's Chief Operating Officer.
Yesterday's filing by the Commission relates to alleged errors approximately five years ago in the reported valuation of certain Alaskan assets acquired by the Company from Pacific Energy in 2009 and later reported by the Company in its 2010 and subsequent filings. The Company has been in talks with the staff of the Commission regarding the matter and has cooperated in all aspects of their inquiry.
The Commission elected to file its proceeding before an administrative law judge employed by the Commission itself. Miller Energy intends to note its objection to this, preferring that the issues raised over the now five-year old valuation be heard in the more neutral forum of the federal courts.
In light of the Commission's allegations and the interference they would cause in performing his duties, Mr. Hall yesterday resigned as the Company's Chief Operating Officer, effective immediately. Mr. Boyd had previously left Miller Energy. The Company has named Mr. Leland E. Tate as its Interim Chief Operating Officer.
About Miller Energy Resources
Miller Energy Resources, Inc. is an oil and natural gas production company focused on Alaska. The Company has a substantial acreage, reserve, and resource position in the State, significant midstream and rig infrastructure to support production, and 100% working interest in and operatorship of most of its assets. Miller Energy has two over-arching objectives: first, to be a long-term participant in the State's E&P industry and in responsibly developing Alaska's oil and gas resources; second, as the only public pure-play Alaska E&P, to be a straightforward vehicle for investors to participate in that development. Miller Energy manages its operations from Anchorage with additional administrative offices in the lower 48. The Company's common stock is listed on the OTC under the symbol MILL. More information on Miller Energy can be found at www.millerenergyresources.com.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," "continue," "strategy," "position," "opportunity," statements regarding the "flexibility" of the Company or the negative of any of those terms or other variations of them or by comparable terminology. A discussion of these risk factors is included in the Company's periodic reports filed with the SEC.
(August 7, 2015 - 8:01 AM EDT)
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